The Sei-based cash market is incentivizing lenders with SEI, USDT and USDC rewards that kicked off on June 24.
Yei Finance, a DeFi cash market on the Sei community, has greater than doubled its complete worth locked (TVL) since launching a rewards program on June 24.
Whole deposits have crossed $160 million, with $127 million in excellent loans. The incentives make it worthwhile to loop deposits – repeatedly provide and deposit the identical asset – and seize the unfold between lending and borrowing charges.
Yei Finance is a fork of Aave V3, the most important lending protocol with over $10 billion in TVL, and dominates the DeFi sector on Sei with roughly half of its $67 million TVL. That doesn’t embrace borrowings, because it’s doubtless that almost all of recent customers are looping deposits to maximise rewards, resulting in inflated figures.
USDT is the most well-liked asset on the platform, representing the vast majority of current progress, in keeping with a Flipside dashboard.
Sei launched its Ethereum-compatible V2 iteration on Could 27. Touted as the primary parallelized EVM, the community is in its mainnet alpha section and at present processes round 20,000 transactions per day.
DragonSwap, a decentralized trade primarily based on Uniswap V2, is the second-largest app on the community with $14 million in TVL. NFT market OpenSea added assist for Sei on Could 29.
